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Za provođenje monetarne politike, Hrvatska narodna banka se koristi sljedećim instrumentima: obvezna rezerva, operacije na otvorenom tržištu, stalno raspoložive mogućnosti i ostali instrumenti i mjere. Primarni cilj HNB-a je održavanje stabilnosti cijena odnosno održavanje inflacije na prihvatljivoj razini. Glavni instrument monetarne politike HNB-a jesu devizne intervencije pomoću kojih se izbjegavaju prevelike fluktuacije tečaja eura u odnosu na kunu zbog korištenja nominalnog sidra deviznog tečaja. Osim deviznim intervencijama, HNB se često služi i obveznom rezervom, dok su ostali instrumenti u manjoj upotrebi. Analiza instrumenata monetarne politike HNB-a i njihova efikasnost detaljnije je objašnjena u ovom završnom radu. For implementation of monetary policy, Croatian National Bank (HNB) is using with this instruments: reserve requirement, open market operations, constantly available options and other instruments and measures. The primary objective of HNB is to mantain price stability, exactly to mantain inflation at an acceptable level. The main instrument of monetary policy of Croatian National Bank are foreign exchange interventions which help to avoid excessive fluctuation of the Euro exchange rate against the Kuna because of using nominal anchor of exchange rate. In addition to foreign exchange interventions, HNB often uses reserve requirement , while other instruments are used less. Analysis of monetary policy instruments of HNB and their effectiveness is explained more detail int his final paper. |
